I would also suggest using an S-Corp instead of an LLC. It gives you the same benefits and flexibility as an LLC with pass thru profits and such but you can create shares more easily.

As far as paying your writers with equity, I like this approach defined in this article: http://www.readwriteweb.com/start/2009/05/building-your-team...

It talks about forming a contract where you will pay them double there hourly rate which they can then buy equity with it once the business gets it's first valuation.